Snapchat lays off over 120 engineers

Snapchat laid off 120 staffers from its engineering team in an effort to streamline the department, according to CNN.

Though Snapchat hired more than 2,400 people over the past two years, the company said the layoffs were made to maintain a "high technical bar."

"We plan to moderate the growth of our team over the next year and focus on making sure that we have the right team, leadership, and organizational practices in place to support our culture and our mission," Snapchat CEO and co-founder Evan Spiegel said on a recent earnings call with investors, according to CNN.